How to Be Rich - Actionable from Rich Dad Poor Dad | Part 3
In the 3rd part of the series on Rich Dad Poor Dad I focus on the chapter 'Mind Your Own Business'.
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| How to be Rich |
The RICH DAD POOR DAD Secret Idea: [Speed Up] Starting Today Learn Fast to Mind Your Own Business
ACTIONABLE: MIND YOUR OWN BUSINESS
1. Secret #3 of the Rich is MIND YOUR OWN BUSINESS.
2. The Rich focus on their asset columns while everyone else focuses on their income statements.
3. Lesson to implement by an Adult -
a) Keep your expenses low
b) Reduce your liabilities
c) Diligently build a base of solid assets
4. Real Assets fall under the following categories:-
a) A business that doesn't require your presence. You own them but they are managed or run by other people. If you have to work there, it's not a business. It becomes your job.
b) Stocks
c) Bonds
d) Mutual Funds
e) Income generating Real Estate
e) Notes (IOUs)
f) Royalties from intellectual property such as music, books, patents
g) Anything else that has value, produces income or appreciates and has a ready market
In Conclusion
Remember, true luxury is a reward for investing in and developing a real asset. For example, if you have extra money coming from your assets then you can go ahead and buy your luxury item with that money.
The essence of the chapter is to have a business and learn to mind your own business. Even if you are in full-time job, build a part-time business that can put money in your pocket.
Have You Read the Previous 2 Parts?
Read the 1st Part Here: ACTIONABLE - The Rich Don't Work for Money
Read the 2nd Part Here: ACTIONABLE- Why Teach Financial Literacy?
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